Ready to dive into the fascinating world of unconscious attitudes and their sneaky influence on our money habits? We’re about to uncover the secrets of flipping that money mindset!
Here’s the deal. Our beliefs about money aren’t just random thoughts floating around in our heads. They have a real impact on how we handle our hard-earned cash. It’s not just about having the right information; it’s about having the right attitude too.
If we’re not aware of the unconscious attitudes driving our money habits, we can’t change them. So let’s shine a light on those hidden influences!
This post is about the influence your money mindset has on your spending habits.
In today’s edition:
- Discover the unconscious beliefs that shape our financial behaviors
- We will be rewriting our money scripts & creating healthier relationships with our finances.
—Priceless Peep
🤫 Let’s fill you in on the secret
The 4 Money Scripts 📝
Let’s talk about the 4 money scripts! 🎬💸
Money scripts are basically bundles of beliefs about money that have a way of influencing our financial behaviors.
But here’s the catch: these scripts are not personalities, as our financial behavior is a mix of all four humming in the background.
Now, here’s where it gets interesting. These unconscious mindsets around money are wired into us based on what we learned and experienced during our childhood. It’s like our childhood money memories shape the way we react to financial situations.
One person might grow up and mirror the financial behaviors they observed, while someone else might develop a completely different mindset. It all comes down to emotions. Our responses are driven by how we feel about money.
1: Money avoidance
Picture this: you’ve got a general negative vibe towards money and those wealthy folks. Maybe you think rich people are all greedy, or that having more than you need is a big no-no. You see some kind of virtue in having less dough. Sound familiar? That’s what we call money avoidance beliefs!
❗️ Why this can be a problem
Having this unfavorable view of money can actually lead to some sneaky financial self-sabotage. If you neglect anything related to money management because of these beliefs, it can cause a load of financial anxiety, fear, and stress.
🔃 Flip the Script
According to Dr. Klontz, Certified Financial Behavior Specialist, it’s time to find a more balanced view of wealth and the wealthy. Yeah, some people become rich by playing dirty, but that’s not the universal truth. We can find role models who are wealthy (even if they’re not famous) and live in a way we consider virtuous. Connect with them, find out how they make money and what they do with it. It’s all about shifting our perspective and finding a healthier relationship with those dollar bills.
2: Money Worship
This money script is when we put money on a super high pedestal and believe it’s the solution to all our problems. We start thinking that money makes life automatically better, buys us freedom, and that we can never have enough of it. Sound familiar? That’s the money-worship mindset!
❗️ Why this can be a problem
Having this strong money-worship mindset can drive us to seek happiness through material possessions. But here’s the catch: it can end up reducing our enjoyment of life to a mere number in our bank account. Trust me, life’s way too fabulous to be just a number. Experiences are worth more than material possessions. ✍️
🔃 Flip the Script
Instead of chasing after money as the ultimate happiness fix, let’s focus on what brings us real joy. As Klontz wisely says, it’s not the money that makes us happy, it’s what we do with it.
Insider Tip: make a list of the things you frequently spend money on. Then take a step back, review that list, and identify what truly brings you fulfillment even after the initial excitement wears off. This will help you prioritize your spending in meaningful ways. It’s all about finding those long-term benefits that give you a genuine sense of joy and purpose.
3: Money Status
You’ve got these beliefs that tie your personal worth to your financial worth. It’s like thinking your net worth determines your self-worth and that people need to see your wealth. Plus, you only buy new things because, well, that’s what the money status game is all about. Sound familiar? Those are the money status beliefs that can sneak their way into our minds!
❗️ Why this can be a problem
This money status script often shows up on social media, But you know what’s really going on beneath the surface? It’s not just about the stuff; it’s about seeking approval and love. Deep stuff, huh?
Falling into the money status trap can lead to some serious lifestyle creep.
🔃 Flip the Script
Before you swipe that credit card for an expensive purchase, ask yourself a couple of important questions.
- Why are you buying it?
- Does it truly fit into your budget without having to take on debt?
If you find yourself reaching for that credit card balance and living month-to-month, that’s a big red flag, my friend. It means you can’t actually afford what you want, no matter how good it may look.
True wealth isn’t all about flashy possessions. It’s about financial security and peace of mind.
4: Money Vigilance
Picture this: you tend to keep your finances close to the chest and avoid frivolous spending. You think money should be saved, shouldn’t be discussed, and it’s a bit too much to spend money just on yourself. Sound familiar? Those are the money vigilant beliefs that can sometimes creep into our minds.
❗️ Why this can be a problem
Now, don’t get me wrong, peeps. Money vigilance can definitely help you develop healthy financial habits like saving more and racking up less credit card debt.
But let’s not forget about the dark side: some people can become so anxious about money that they can never enjoy it.
🔃 Flip the Script
One way to tackle that anxious feeling is by making controlled purchases of things you’d normally consider too expensive. Exposure to what you fear decreases anxiety – it’s like a little experiment!
So, go ahead and treat yourself to that fancy latte or that scrumptious turkey sandwich for $15. Just make sure you’re budgeting for these purchases so you don’t go overboard with extravagant spending.
It’s all about finding that balance!!
📰 In the News:
75% of Americans don’t are leaving free money on the table
Turns out, we Americans are leaving some serious cash on the table by not having a high yield savings account.
Credit Karma did some digging and surveyed over a 1,000 American adults in 2019. A staggering 75% of people said they don’t have a high-yield savings account.
The reason people don’t have a high-yield savings account will surprise you. It’s all about misconceptions and misunderstandings.
According to Credit Karma’s data, 44% of people who don’t have a high-yield savings account think the minimum deposit is too high. But guess what? Many high yield savings accounts have a super accessible minimum deposit, so you don’t need to break the bank to get started. It’s totally within reach!
21% of folks haven’t opened a high-yield savings account simply because they don’t know what it is. Then you’ve got the 19% who are happy with their current savings account.
So, my financially-savvy friend, let’s break the misconceptions and seize the opportunity. Consider opening a high-yield savings account and watch your money kick things into high gear. It’s about time we stop leaving that free money on the table and put it to work for us.
🧋Taylor’s Toolkit:
🎁 Holiday gifts to buy yourself that can make you better with money overnight
Who says you shouldn’t include yourself on your “gifts to get” list? I mean, self-care is important, right? But this year, let’s think beyond the usual face masks and bath bombs. How about treating yourself to a little financial boost?
#1: Open a high-yield savings account
With just $10 dollars you can open a HYSA. It’s like the holy grail of money storage for your short-term goals. The best part? Your hard-earned cash is safe from those market risks, plus it earns up to 20 times more interest than a regular old savings account.
My FAV High Yield Savings Accounts
#2: For $50: A brokerage account
With a brokerage account, you can put that additional cash to work and watch it flourish. The stock market has the potential to deliver some impressive returns over time, helping you grow your wealth even further.
Make sure you’ve got that high-interest debt out of the way and a solid retirement savings plan before diving into the world of brokerage accounts. We want to build a strong foundation, right?
#3 Get financially lit(erate)
No matter what your financial goal may be, there’s a personal finance resource out there just waiting to be your trusty sidekick.
First up on our reading list is “Rich Dad Poor Dad” by Robert Kiyosaki. This timeless gem is filled with inspiration and will help you expand and strengthen your money mindset.
Next up: “The Millionaire Next Door” by Stanley and William Danko. You’ll learn the secrets of those who have already achieved financial success, and it might just change the way you think about wealth.
Last but not least: If you really want to level up your money game this year, check out my new budget template. It gives you a 360-degree view of your finances.
So grab one of these books or dive into my budget template, and get ready for some serious financial growth.
CHECK OUT MY NEW BUDGET TEMPLATE
Knowledge is power, my friend, and these tools are your secret weapons.
